Full-pocketed foreign investors recently met with local councillors to discuss reopening the tin mine there after it closed in the late ’90s due to plummeting tin prices and despite an abundance of natural mineral resources valued in the billions.
“There is a fortune down there underground,” Councillor Malcolm Moyle told the Western Morning News. “The question is about getting it out as cheaply and efficiently as possible and that is the issue at the moment.”
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Moyle stands apart as the most optimistic booster of tin mining returning to the region in the near future. It has been one hurdle after another for South Crofty since it closed in 1998 with Western United Mines currently owning the site.
Kevin Williams, mine manager of WUM at South Crofty, told the news source that a reopening of the mine will make a positive impact on both the local and national economies.
What About Tin Prices, Though?
The Wall Street Journal reported this week that tin prices are flat following the return of China-based traders following a national holiday. This situation weighed on copper prices, however, as they dipped due to this recent activity.
What does 2016 have in store for tin? We think it might be a good year for the metal as the planets could be currently aligning for a return to higher prices. Stay tuned to MetalMiner™ for the latest developments on tin as well as the other metals you source.
You can find a more in-depth tin price forecast and outlook in our brand new Monthly Metal Buying Outlook report. For a short- and long-term buying strategy with specific price thresholds: